North Dakota Code 10-33-17 – Effect of amendment
Current as of: 2023 | Check for updates
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1. An amendment does not affect an existing cause of action in favor of or against the corporation, nor a pending suit to which the corporation is a party, nor the existing rights of persons other than members.
Terms Used In North Dakota Code 10-33-17
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
2. If the corporate name is changed by the amendment, a suit brought by or against the corporation under its former name does not abate for that reason.
3. When effective under section 10-33-19, an amendment restating the articles in their entirety supersedes the original articles and all amendments to the original articles.
4. Assets held by a corporation, including income or fees from services, are restricted to the uses and purposes for which the property was received or held.